[ISC] Q. 26 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 26, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 26
Sugandh Ltd., issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5 (including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot shares as follows:
- Category (i) Applicants of 40,000 shares — 30,000 shares;
- Category (ii) Applicants of 50,000 shares — 30,000 shares;
- Category (iii) Applicants of 2,000 shares — Nil.
Mohan who had applied for 800 shares in Category (i) and Sohan who was allotted 600 shares in Category (ii) failed to pay the allotment money. Calculate the amount received on allotment.
Solution
All questions of Chapter 7
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About this solution
This is Chapter 7 Issue of Shares of ISC TS Grewal Edition 2023-24.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.
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